Well, it’s been a loopy 10 years for Bitcoin. Really it’s over 10 years since Bitcoin was first created by Satoshi Nakamoto. Whoever, he, she or they have been, they’ve had a prodiscovered effect on the world. They little doubt predicted that which is why they chose to vanish from the limelight.
So over a decade later Bitcoin is still alive and stronger than ever. Thousands of other crypto coins have come alongside since all attempting to imitate the king of Crypto. All have failed and will proceed to fail. Bitcoin is one a kind. Something that can’t be replicated. For those who don’t know why then let me explain.
In the event you don’t know what Bitcoin is I am going to just offer you a couple of temporary key points:
Bitcoin Is An On-line Cryptocurrency
It Has a Maximum Supply of 21 Million
It Cannot Be Solid
Not All Cash Are in Circulation Yet
It Is Fully Decentralized Without Anybody Controlling It
It Can’t Be Censored
It’s Peer to Peer Cash
Anyone Can Use It
Bitcoin Has a Fixed Supply Which Decreases Every four Years
What Makes Bitcoin Completely different?
So what makes Bitcoin different to all the hundreds of different coins which have been invented since?
When Bitcoin was first invented it started to spread slowly amongst a small group of people. It grew organically. When individuals started to see the benefits of Bitcoin and how the worth would enhance as a result of it’s fixed supply, it started to grow faster.
The Bitcoin blockchain is now spread throughout hundreds of hundreds of laptop all over the world. It has spread past the control of any government. It’s creator has vanished and now it runs autonomously.
Builders can upgrade and improve the Bitcoin network however this has to be done my consensus all through the whole Bitcoin network. No one single particular person can control Bitcoin. This is what makes Bitcoin distinctive and unimaginable to replicate.
There are millions of other cryptocurrencies available now but for instance of what makes Bitcoin different I will use Ethereum as example. It is a one of the biggest Alt coins proper now and has been since it was invented in 2015 by Vitalik Buterin.
Vitalik controls the Ethereum blockchain and basically has the ultimate say on any development that occurs on Ethereum.
Censorship And Authorities Interference
For this example let’s imagine that Iran is sending billions of dollars to North Korea to fund their new nuclear weapons program. This isn’t a very good situation but it’s alleged to show you ways your cash is safer in Bitcoin!
Anyway.. first example. Iran is utilizing the standard banking system and transferring this money to North Korea in USD. The US authorities say dangle on a minute, we have to freeze these transactions and confiscate the money.. Easy. They do this straight away and the problem is over.
Second example. The identical thing occurs once more however this time Iran use the Ethereum blockchain to ship the money to North Korea. The US government are see what is happening. A phone call is made.
“Get Vitalik Buterin in Here NOW”
The US government “puts some pressure” on Vitalik and so they make him roll back the blockchain and cancel Iran’s transactions. (The Ethereum blockchain has truly been rolled back before when a hacker stole a significant amount of funds).
Problem solved. Unfortunately Ethererum’s credibility would be ruined alongside with it’s price.
Ethereum is just an example, but it’s true for each other cryptocurrency.
Bitcoin Can’t Be Stopped
So the same thing happens again. This time Iran use Bitcoin as their payment method. The US Authorities see this and are powerless to stop it.
There is no such thing as abody to call. There is nobody to put pressure on. The Bitcoin is past censorship.
Every other cryptocurrency out there was created by somebody or some firm and that will always be the purpose of failure. They are still centralized.
Another instance can be if Vitalik’s family have been taken hostage.. Bitcoin is past any of this and that is why it’s the safest investment on the planet.
Learn Find out how to Use Bitcoin
Everyone ought to own some Bitcoin. It is not without it’s dangerous though. If you’re new to Bitcoin then you should be taught as much a lot as you’ll be able to before you invest any money. Owning Bitcoin comes with a lot of responsabilty. Learn to use Bitcoin safely.
For folks just entering the world of cryptocurrencies there are lots of hidden dangers. Do not part with your hard earned cash until you know what you are doing!
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